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Global Blockchain Technology Market to Grow at a CAGR of 72% in the Forecast Period, Aided by the Growing Demand for Digital Payment Systems

According to a new report by EMR titled, ‘Global Blockchain Technology Market Report and Forecast 2022-2027’, the global blockchain technology industry reached a value of USD 3.2 billion in 2020. The industry is further expected to grow at a CAGR of 72% in the forecast period of 2022-2027.

The global blockchain technology industry is driven by various institutions' growing demand for digital payment systems to secure their transactions. The transactions made through blockchain systems are rapid and improve performance by reducing the redundancy of information during transactions. The need for businesses to save time and money has also fuelled demand for this technology. The increased need for smart contracts, security requirements in cross-border payments, and the need to avoid third-party interference are expected to propel market expansion over the forecast period. The financial category accounted for a sizable portion of the market and is expected to expand significantly during the forecast period. The rising popularity of cryptocurrencies, initial coin offerings (ICOs), and lower total cost of ownership are all contributing to the growth. The use of blockchain technology in financial institutions has resulted in faster and more trustworthy transactions. Meanwhile, the healthcare industry is expected to expand rapidly over the predicted period. The COVID-19 pandemic was the most challenging phase for the healthcare sector, especially in developing economies. This fostered the need to enhance the healthcare infrastructure and make the payment system more efficient.

The global blockchain technology market is predicted to develop due to the early adoption of blockchain and the existence of various suppliers who supply security and Blockchain solutions. Businesses are increasingly implementing security and vulnerability management solutions for enabling data security, preventing cyber-attacks and commercial espionage, and ensuring data security and privacy to facilitate business continuity. The IBM (NYSE: IBM) Blockchain Platform 2.5, which is built on Hyperledger Fabric 2.5, would be available in May 2020, allowing developers to migrate to advanced multi-party systems. These multi-party systems offered real-time analytics, reporting, logistics, and supply chain management and enabled multi-cloud offerings and IoT connectivity.

Market Analysis by Types, Components, Applications, Enterprise Sizes, End-Uses, and Regions:

  • The different types of blockchain technology are public, private, and hybrid.
  • On the basis of component, the market can be segmented into application and solution, infrastructure and protocols, and middleware, among others.
  • The significant applications of blockchain technology include digital identity, exchanges, payments, smart contract, and supply chain management, among others.
  • Based on enterprise size, the market is divided into large enterprises, small and medium enterprises.
  • The different end-uses of the technology include financial services, government, healthcare, media and entertainment, retail, transport and logistics, among others.
  • The regional markets for blockchain technology include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • In order to avoid data theft and breaches, data protection laws are being incorporated into the healthcare system, which is expected to help the market grow.
  • Contract agreements are stored in blockchain-based systems that cannot be hacked, which is projected to boost market growth throughout the forecast period.
  • Blockchain technology eliminates the need for a middleman in the payment process, demand for blockchain technology is expected to be high.
  • The increasing venture capital funding and investment in blockchain technology are further expected to propel market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global blockchain technology market for the periods (2017-2021) and (2022-2027).    
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for types, components, applications, enterprise sizes, end-uses, and major regions of blockchain technology.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global blockchain technology industry include BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, and Microsoft Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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